A mid-sized Baltimore printing company had enjoyed success for a number of years, growing steadily. Internal resources had historically handled the bookkeeping, accounting and finance functions, but in the previous year the staff had taken on additional responsibilities and began to fall behind. When StreamlineAccounting was invited in the books had not been closed in over a year, bank requisitions had not been tallied and there had been no monthly financial statements produced in 13 months. The President did not know his cash position, and wasn't sure if he could make the upcoming payroll. Additionally, extensions had been filed to allow income tax statements to be submitted 7 months late; and it was 7 months into the new year before senior management knew the previous years actual results.

A plan was put into place to address the critical lack of accurate financial information - the business owners needed up-to-date information on their cash position immediately. The first tasks were bank statements from the previous 13 months, cash receipts and disbursements, and making correcting journal entries. Statements were reconciled within 30 days and a cash balance position was produced. Going forward, 13 months worth of data was reconciled in three months and financial statements, which include income statement, balance sheet, cash flow, etc. were produced. Today, bank statements are reconciled within 15 days of the new month, and complete financial statements are produced by the 20th of the month. The President and his Streamline account manager meet before the end of each month to review the financial statements, at which time ideas as to how to improve business performance are explored.

Better decisions are being made today as a result of having accurate, timely financial information.